To open the Settings: Asset Management form, go to: Administration > Settings > Asset Management.
The Settings: Asset Management form
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Setting | Description |
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Enable Fixed Asset Management | Selecting this option enables the Asset Management module and the Fixed Asset Accounting functionality. |
Enable Depreciation of Fixed Assets | This option, if selected, enables the functionality that allows depreciation of fixed assets. |
Enable Non-Current Asset Classes | This option, if selected, enables the functionality that allows creation of Non-Current Asset Classes and processing of assets in accordance with classes assigned to them. |
Enable Workwear and Tools Accounting | Selecting this option enables the Asset Management module and the Work Wear and Tools Accounting functionality. |
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functionality |
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In this chapter
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In this section
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Accepting to Accounting
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- Initial Cost
- Whether the asset will be depreciated
- Which depreciation method will be used: Straight Line or Units of Production.
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Changing the Accounting Parameters for Fixed Assets
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- Initial Cost
- Whether the asset will be depreciated
- Depreciation method
- GL Accounts
- Business activity
- Expense Item
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Using the Straight-Line Depreciation method
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Using the Units of Production Depreciation method
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- UOM in which usage will be measured.
- Usage Limit which sets up the maximum usage recommended for the asset.
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Selling the Fixed Assets
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GL Account
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Debit
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Credit
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Accumulated Depreciation
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2400
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Fixed Asset
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4000
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Receivables
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3000
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Fixed Asset Sales
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(3000-1600) = 1400
Writing off the Fixed Assets
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GL Account
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Debit
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Credit
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Accumulated Depreciation
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1750
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Fixed Asset
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2000
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Expense
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250
Viewing the Fixed Assets Documents
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Reporting Fixed Assets on Financial Statements
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- Inventory Card: Using this report, you can view the net book values of fixed assets with some details of depreciation. You can filter the data by entity, status, department, specific fixed assets.
- Fixed Assets Output: The report lists the fixed assets with the Units of Production depreciation method. For each such fixed asset, the output in the specified units of production during the selected period is shown.
- Statement of Depreciation: The report lists the fixed assets grouped by department with the details of depreciation. You can filter the data by entity, department, and specific fixed assets.
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In this section
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- Buildings
- Computer equipment
- Computer software
- Furniture and fixtures
- Machinery
- Vehicles
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